Gold likely to lose its sheen
HSBC predicts lower price in 2013
- Published: 9 Jan 2013 at 00.00
- Newspaper section: Business
Gold prices will likely decline to US$1,760 an ounce on average in 2013 from last year's average of $1,850 after factoring in the 2012 year-end price of $1,675, according to research by HSBC Securities (USA) Inc.
A sales clerk tries a gold bracelet on a customer in a crowded shop in Nakhon Ratchasima last year. Gold dropped sharply in 2012’s second and third quarters as markets scaled back expectations of a third round of quantitative easing by the US Federal Reserve. PRASIT TUNGPRASERT
James Steel, a chief commodities analyst for the company, said the forecast is for an average of $1,775 an ounce in 2014 and $1,675 in 2015, with the long-term forecast of $1,500 an ounce unchanged.
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